Our reporter Wang Siwen
The fund dividend is not only the cashing after the net value of the fund increases, but also the way for the fund company to maintain the management scale at a reasonable level.
As of May 20, public funds have distributed nearly 60 billion yuan of "red envelopes" since this year, and this year's fund dividends show two characteristics: first, bond funds are highly motivated to pay dividends in the context of the year's generally rising yield, and the total amount of dividends is far more than other types of funds, accounting for 88.6% of the total amount of fund dividends; Second, while bond funds have become the main dividend distribution force of funds, the dividend distribution of high performing equity funds, especially dividend funds, is also relatively concentrated in the near future.
Dividends of 132 funds exceeded 100 million yuan
According to the data of Oriental Fortune Choice, the reporter of Securities Daily, taking the dividend payment date as the benchmark, as of May 20, a total of 1337 funds have distributed dividends this year (calculated separately for different shares, the same below), with a cumulative dividend of 59.37 billion yuan, of which 132 funds have total dividends of more than 100 million yuan.
From the perspective of dividend amount, Huatai Berry Hushen 300ETF has the largest dividend amount, with a total dividend amount of 2.494 billion yuan. As of May 20, the fund size of the ETF reached 195.253 billion yuan, an increase of more than 64 billion yuan compared with 131.087 billion yuan at the end of 2023. In addition, China Southern Securities 500ETF and Bank of China Securities Amgen Bond A ranked second and third in the fund's annual dividend amount, with annual dividends of 1.206 billion yuan and 1.201 billion yuan respectively.
Among the funds with a dividend amount of more than 100 million yuan in the year, 46 funds have distributed dividends at least twice in the year. Among them, the annual dividend amount of Bank of China Securities Amgen Bond A, Golden Eagle Tianying Pure Bond Fund, Huafu Furui 3-month Regular Open Bond Fund, and Yimin Service Leading Hybrid C all exceeded 400 million yuan, with a high dividend amount and two or more annual dividends.
From the perspective of performance, as of May 20, among the funds with a dividend amount of more than 100 million yuan in the year, Huatai Perry dividend ETF had the best performance in terms of the growth rate of the net value of the unit for the restoration of rights in the year, with a return rate of 15.63% in the year. The growth rate of the net value of the restored units of Fullrich China Securities dividend index enhancement A and Huatai Birui CSI 300ETF in the year was 12.73% and 7.2% respectively. Among bond funds, Guangfa Jiyuan Bond A, Boshi Yuli Pure Bond A, Hua'an Zhongbond 7-10 Year CDB Bond C and Boshi Jinyuan Interest Rate Bond A have the highest annual recovery unit net value growth rate, all above 3%.
Bond funds become the main force
Since the beginning of this year, the yield of bond funds has generally risen significantly year on year, and the enthusiasm of fund dividends is also high. Data shows that since this year, the dividend amount of bond funds has reached 52.579 billion yuan, far more than other types of funds, accounting for 88.6% of the total dividend amount of funds. Among the 132 funds with a dividend amount of more than 100 million yuan, 123 were bond funds. Fuguo state-owned enterprise bond D, Huatai Zijin monthly issuance of 1-month rolling bonds launched A-type bond funds have distributed dividends five times in the year, and Jinying Tianying pure bond A, ICBC Ruijingding development start bond, Tongtai and three-month fixed issuance A-type bond funds have also distributed dividends four times in the year.
For the bond market, Wan Zhiwen, Fund Manager of Fixed Income Investment Department II of Bosera Fund, believes that: "Based on the rise of global uncertainty risk, the policy interest rate and deposit interest rate may further decline, and the ultra short end interest rate such as repo may follow the decline, and guide the medium and short end interest rates to continue to decline. In the short term, the interest rate curve may continue to steepen, and after the short end interest rate further declines, open up the long end and ultra long end of the downward space."
However, for the future market of the debt base, some institutions have relatively cautious short-term views. Zhou Jun, the fund manager of Schroder Fund Management (China) Co., Ltd., said to the reporter of Securities Daily: "Our short-term view has turned to caution. We believe that the debt market is crowded, short-term market adjustment may trigger fund redemption, and liquidity risk should be vigilant. In the medium and long term, bonds still have good allocation value, and after short-term adjustment, it is expected to usher in better allocation opportunities."
Specific to this year's configuration ideas, Jiang Lijuan, head of the fixed income investment department of Taikang Fund, said: "The bond assets will be bottomed out by pure bonds. As the credit spreads are still at an extremely low level in history, they will focus on the coupon strategy, pay attention to the coupon accumulation, relatively favor the varieties with good liquidity such as government bonds and financial bonds, and increase the yield through multiple strategies such as leverage interest arbitrage and duration strategy."
